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Vedanta plans to list Sterlite Energy

Metal and mining major Vedanta Resources Plc on Thursday said it was considering listing of its energy arm Sterlite Energy and the Zambian copper unit to unlock value for stakeholders and raise funds.

“We continue to be focused on unlocking value for stakeholders and we are actively now considering listing of our key verticals at Sterlite Energy and at KCM,” Vedanta Chief Executive M. S. Mehta said in a presentation today.

Profit jumps

The comments came during a conference call on the half yearly results. The company reported a 79 per cent jump in net profit to $337 million for the first half of this fiscal against $188.2 million in the corresponding period last fiscal. The sharp rise in profit was mainly on account of increasing demand.

On the $9.6-billion Cairn-Vedanta deal, Mr. Mehta said the group was on track to obtain all regulatory approvals by the first half of 2011. — PTI